Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1.2% during mid-day trading on Tuesday . The company traded as high as $14.70 and last traded at $14.39. Approximately 20,944,055 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 29,421,480 shares. The stock had previously closed at $14.22.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of analyst reports. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. BNP Paribas Exane reiterated an “outperform” rating and issued a $22.00 price target (down from $23.00) on shares of Rivian Automotive in a report on Friday, May 1st. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Stifel Nicolaus lifted their price target on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded Rivian Automotive from a “hold” rating to a “buy” rating and lifted their price target for the company from $16.00 to $23.00 in a report on Friday, February 13th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Trading Up 1.2%

The company has a 50 day moving average of $15.30 and a two-hundred day moving average of $16.31. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a market capitalization of $17.86 billion, a PE ratio of -4.93 and a beta of 1.64.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 10,245 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at $17,042,652. The trade was a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 21,446 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total value of $346,781.82. Following the transaction, the chief executive officer owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. This trade represents a 2.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 92,399 shares of company stock worth $1,443,578. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. lifted its position in Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive during the 3rd quarter worth about $31,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Rivian Automotive during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.